Nervous wait for 5,000 staff as fashion brands reportedly go on sale

Over 5,000 staff have been left facing an uncertain future after the collapse of the Icelandic bank that owns well known high street fashion chains Coast, Oasis and Warehouse.

New buyers are reportedly being sought for the brands, as well as for the more expensive Karen Millen label.

Icelandic bank Kaupthing, which acquired the brands in 2009 after former owner Mosaic Fashion collapsed during the financial crisis, has gone into administration and must now try to offload its assets.

With the UK fashion market in the doldrums, the value of the businesses is low, with Coast, Oasis and Warehouses collectively valued at less than £100 million. Investors may still be hard to find, however, as fears of inflation continue to grow.